Question
October 10: sold merchandise on account for 6,000$ plus 10% sales tax. December 31 : prepared the adjusting entry to record the service revenue earned.
October 10: sold merchandise on account for 6,000$ plus 10% sales tax.
December 31 : prepared the adjusting entry to record the service revenue earned.
December 31 : prepared the adjusting entry to record the accrued interest to FNB bank.
December 31: remitted the sales taxes to the government.
The entry of October 10 will include a credit of: *
Sales Revenue $6,000
Sales Revenue $6,600
Sales Taxes Payable $6,000
Sales Taxes Expense $600
The entry of October 10 will include a debit of: *
Accounts Receivable $6,000
Cash $6,000
Accounts Receivable $6,600
Cash $6,600
The earned amount of the service revenue on December 31 is" *
$3,500
$4,000
$4,500
$5,000
The remaining balance of the Unearned Service Revenue after December 31 is: *
Zero
$2,000
$3,000
$4,000
The accrued interest amount on December 31 on the borrowed amount from FNB Bank is: *
$300
$400
$500
None of the above
The amount of Taxes Payable remitted to the government on December 31 is: *
$560
$1,160
$1,720
$1,820
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started